# CA Reversals by Demographic Transition Stage

| Variable | Early Trans. | Mid Trans. | Late Trans. |
|:---|---:|---:|---:|
| Z_1 | -0.0024 | -0.9763** | -0.7625 |
| | (0.4920) | (0.4450) | (0.5078) |
| Z_2 | 0.0194 | 0.1572** | 0.1282* |
| | (0.0766) | (0.0682) | (0.0679) |
| Z_3 | -0.0011 | -0.0070** | -0.0056** |
| | (0.0032) | (0.0029) | (0.0025) |
| fiscal_bal_gdp | -0.0080*** | -0.0014 | 0.0018 |
| | (0.0017) | (0.0019) | (0.0019) |
| nfa_gdp_lag | 0.0222*** | 0.0288*** | -0.0039 |
| | (0.0076) | (0.0101) | (0.0099) |
| rgdp_growth | -0.0032** | -0.0014 | 0.0022 |
| | (0.0013) | (0.0016) | (0.0018) |
| kaopen | 0.0021 | 0.0057 | -0.0136** |
| | (0.0077) | (0.0072) | (0.0061) |
|:---|---:|---:|---:|
| N | 1820 | 1712 | 1957 |
| R² | 0.0348 | 0.0117 | 0.0222 |
| Countries | 79 | 94 | 82 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*